Loom Network: A Brief Overview
Loom Network is a platform-as-a-service built on Ethereum that aims to empower developers to create large-scale decentralized applications (dApps). It allows developers to utilize smart contracts with enhanced computational power on demand or at reduced costs for specific tasks. Loom Network is powered by Plasma, a scaling solution that accelerates transaction processing across the network.
LOOM Price Prediction
The price of Loom Network is currently $0.37, with support levels at $0.277 and $0.22, and resistance levels at $0.39, $0.46, and $0.51. According to predictions, Loom Network is expected to trade within a range of $0.36 to $0.44 for the current week. The Relative Strength Index (RSI) indicates that the market is in an overbought position.
Understanding the LOOM Token Supply Clarification
There has been some confusion regarding the LOOM token supply on both the Ethereum and BSC networks. The total supply of LOOM tokens is 1.3 billion, with approximately 1 billion tokens actively circulating on Ethereum and around 130 million in active circulation on BSC. Transfer gateways have been introduced to facilitate seamless swaps between ERC-20 and BEP-20 LOOM tokens.
Loom Network Alternative: Bitcoin Minetrix
Bitcoin Minetrix presents an alternative approach to stake-to-mine cryptocurrencies by tokenizing cloud mining. Users can stake their assets in BTCMTX, the native cryptocurrency of Bitcoin Minetrix, and generate passive income through cloud mining credits. This approach reduces costs for individual miners and provides a transparent way to access cloud mining credits.
The presale for BTCMTX is currently ongoing, with a total supply of 4 billion tokens distributed evenly across twenty presale rounds. The presale has a hard cap target of $33.46 million, with tokens designated for Bitcoin mining, staking, and the community.
Hot Take: Loom Network’s Recent Surge Sparks Interest in Once-Overlooked Project
Loom Network has seen a significant surge in its price, outperforming other top 100 altcoins. While the exact reason behind this surge remains unclear, it has reignited interest in the project. Some speculate that market dynamics or potential manipulation may be contributing factors. However, cautious traders are considering alternative projects like Bitcoin Minetrix, which offers a stake-to-mine approach to cloud mining. Overall, the recent price increase has brought renewed attention to Loom Network.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.